The global biomaterials market is expected to experience strong growth over the next five years, according to a recent report by MarketsandMarkets. The report, titled "Biomaterials Market – Global Outlook and Forecast 2020-2025," projects that the global biomaterials market will grow at a compound annual growth rate (CAGR) of 6.0% from 2020 to 2025, reaching a total value of $47.5 billion.
Biomaterials are materials that are used to construct and fabricate medical devices and implants. These materials are biocompatible and biodegradable, which makes them apt for medical applications. The rapid growth of the geriatric population, increasing demand for medical implants, and rising prevalence of chronic diseases are some of the major factors driving the growth of the global biomaterials market.
The report cites increasing demand for medical devices and implants, advances in medical technology, and increasing health care expenditure as key factors driving the growth of the global biomaterials market. The growing prevalence of diseases, such as cancer, cardiovascular diseases, and diabetes, is also driving demand for biomaterials, as they are used to create medical devices and implants used to treat these conditions.
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The report identifies the biomaterials used in orthopedic, dental, cardiovascular, and tissue engineering applications as the most attractive segments of the market. The orthopedic and dental segments are expected to experience the highest growth over the forecast period, due to the increasing prevalence of orthopedic diseases, such as arthritis, and the growing demand for implants and other orthopedic devices.
The report also notes that North America is the largest and most lucrative region of the global biomaterials market. The North American market is expected to grow at a CAGR of 10.4% from 2020 to 2025, driven by the presence of large medical device and implant manufacturers in the region, and an increase in healthcare expenditure.
The report also identifies several companies operating in the global biomaterials market, including BASF, Corbion, DSM, Evonik Industries AG, and Solvay. These companies are expected to benefit from growing demand for biomaterials in the future.
MnM report is an in-depth analysis of the global biomaterials market, providing insights into the market’s size and growth prospects, key trends, and key players. It is an invaluable resource for industry stakeholders looking to gain a better understanding of the biomaterials market and its future potential.
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Key Market Players
The global biomaterials market is highly consolidated. Key players in the biomaterials market include BASF SE (Germany), Covestro AG (Germany), Celanese Corporation (US), Corbion (Netherlands), Royal DSM (Netherlands), Evonik Industries (Germany), Carpenter Technology Corporation (US), Berkeley Advanced Biomaterials (US), Cam Bioceramics B.V. (Netherlands), CoorsTek Inc. (US), CeramTec (Germany), and Gelita AG (Germany). Acquisitions and product launches are the key growth strategies undertaken by these companies to maintain their positions in the market.
BASF SE (Germany)
BASF is one of the leading players in the biomaterials market. The company focuses on various organic and inorganic means to enhance its presence in the market. The company also focuses on expanding its global production capacity and invests ~USD 450 million per year in optimizing its plants. Additionally, BASF aims at developing its portfolio with innovations and investments. The company invests significant amounts in R&D activities.
This report categorizes the global biomaterials market into the following segments and subsegments:
By Type
- Metallic Biomaterials
- Polymeric Biomaterials
- Ceramics
- Natural Biomaterials
By Application
- Cardiovascular
- Orthopedic
- Ophthalmology
- Dental
- Plastic Surgery
- Wound Healing
- Tissue Engineering
- Neurological/Central Nervous System Applications
- Other Applications
By Region
- North America
- Europe
- Asia Pacific (APAC)
- Rest of the World (RoW)
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